Exxon Mobil Corporation and Petrobras say that an ExxonMobil affiliate signed an agreement with a Petrobras affiliate and the Turkish National Oil Company (TPAO) to explore for hydrocarbons in the deepwater Black Sea offshore Turkey.

"We look forward to utilizing the technologies and expertise of all three companies as we explore for potential commercial resources in the Black Sea"

Under the terms of the farm-in agreement, ExxonMobil Exploration and Production Turkey B.V. will acquire a 25 percent interest in the Sinop, Ayancik and Çarsamba sub-blocks of the AR/TPO/3922 exploration license. Petrobras will retain a 25 percent equity interest in the block and will remain the operator. TPAO holds the remaining 50 percent interest.

"We look forward to utilizing the technologies and expertise of all three companies as we explore for potential commercial resources in the Black Sea," said Mehmet Uysal, CEO of TPAO.

"We are pleased to add this prospective acreage to our global portfolio and expand our presence in the deepwater Black Sea," said Russ Bellis, exploration director, ExxonMobil International Limited.

This agreement covers approximately 7.4 million acres and is subject to approval by the Turkish Government.

Tags: Exxon Mobil Corporation, Petrobras